Large corporations typically have numerous facilities at various geographical locations. The physical separation of corporate facilities inevitably creates communication difficulties with the flow of information and data between dispersed employees and management. The addition of new facilities at different locations into the corporate body may create further challenges if a local network of a new facility cannot quickly become integrated into the corporate communication and information sharing network.
As a corporate structure increases in size and becomes more complex, the task distribution among personnel may become suboptimal. For instance, the duplicative creation and storage of critical documentation may be inconsistent, which degrades the ability of key personnel to access and retrieve reliable information and analysis in a timely manner. Moreover, multiple, non-reconciling sources of data may require the expenditure of extensive time to gather the data, as well as cleanse it for uniformity, accuracy, and completeness.
The growth of any business organization, and the increase in the accompanying structural complexities, may create difficulties for management to effectively run the business. For example, the infrequent collaboration among dispersed employees may prevent employees, as well as management, from taking advantage of existing documentation or specialized knowledge within the organization. Additionally, insufficient monitoring of business plans, strategies, and processes may result in uncertainty regarding the number and magnitude of the actual benefits that may be achieved and any associated risks.
Therefore, in any corporation or organization with dispersed facilities, there is a need for increased sharing of knowledge and communication between personnel, including both employees and management. There is also a need in general for improved data creation, storage, and subsequent access to large corporate databases, as well as enhanced monitoring of ongoing business processes.
The problem of communication and information sharing among dispersed employees and management may be exacerbated in organizational structures that maintain the tax and financial records and prepare tax reports and other financial documents or reports for the business entity. Accurate and reliable data is necessary to reduce the risk of financial errors that may create scrutiny from regulatory bodies, the financial markets, and the public. Additionally, any possible new acquisitions may present significant and complex tax ramifications for the corporate entity that require effective and efficient analysis, so that management may make well-informed decisions. Accordingly, the lack of information sharing, consistency, and communication presents a significant problem for modern businesses, particularly with regard to accurately monitoring and analyzing corporate tax health.
The present invention alleviates one or more of the shortcomings described above.